China
Trust building pivotal to US–Pacific Islands relations
Abstract
The United States needs to gain the trust of Pacific Island countries in order to effectively engage with them. China’s expanding presence in the region should not be the sole motivation for cooperation. The Pacific Islands are crucial for US security, prosperity, and efforts against climate change. However, the lack of confidence in the US and perception of its engagement as a reaction to China’s expansion may hinder cooperation. China’s involvement in the Pacific has surpassed that of the US, and its expansion suggests potential for increased naval presence. The recent China-Solomon Islands security pact highlights the possibility of a Chinese naval base in the South Pacific. The Biden administration’s Pacific Partnership Strategy should not be solely focused on countering China, but needs to prove its commitment through practical action and financial resources. If the US fails to meet its commitments, Pacific Islanders may turn to Chinese assistance.
The United States is focusing on the challenges posed by China’s growing presence in the Pacific. However, winning the trust of the Pacific Island countries should be Washington’s top priority to ensure genuine cooperation. The Pacific Islands are crucial to US security and prosperity, and they lead in the fight against climate change. Cooperation with the Pacific is hindered by the lack of confidence in the United States, as it is often seen as a reaction to China’s expansion in the region.
China has increasingly become involved in the Pacific through various diplomatic strategies and aid programs, surpassing US assistance. China’s commitment extends to multilateral engagement, but it has not gained support from Pacific Islands Forum leaders. China’s expansion also suggests the potential for a naval presence, as seen in the China-Solomon Islands security pact.
The Biden administration has announced the Pacific Partnership Strategy, but if countering China remains the main motivation for engagement, the partnership is unlikely to reach its full potential. To demonstrate its commitment, the United States must provide financial resources to Pacific nations. While the Biden administration has proposed funding, it has not yet been delivered. Doubts may arise about the long-term viability of the strategy if commitments are not met, leaving Pacific Islanders open to considering Chinese assistance.
Business
Fosun in Negotiations to Sell Club Med Stake to CapitaLand of Singapore
CapitaLand Investment is negotiating to acquire a 20-30% stake in Club Med from Fosun International, outbidding competitors. Ongoing talks have resulted in stock price increases for both firms.
CapitaLand Investment in Talks to Acquire Stake in Club Med
Singapore’s CapitaLand Investment is reportedly in advanced negotiations to purchase a minority stake in luxury resort chain Club Med from its Chinese parent company, Fosun International. Sources familiar with the matter indicate that CapitaLand is looking to acquire between 20 to 30 percent of the hotelier, with the anticipated investment amounting to several hundred million euros.
Competitive Bidding and Market Reactions
CapitaLand has emerged as a leading contender for the stake, successfully outbidding various private equity rivals. Following news of these discussions, shares of CapitaLand Investment rose by 2.4 percent, reaching their highest point since early February. Meanwhile, Fosun Tourism’s stock also saw a notable increase, jumping as much as 9.3 percent during the trading session.
Fosun’s Strategic Asset Management
Fosun International has been actively working to reduce its debt through asset sales and limited borrowing. These strategic moves have contributed to a renewed global investor confidence, distinguishing Fosun as one of the few Chinese conglomerates to successfully navigate recent economic challenges.
Source : China’s Fosun in talks to sell stake in Club Med to Singapore’s CapitaLand
China
China Demonstrates Expertise in Influencing Global AI Governance
The World Artificial Intelligence Conference in Shanghai (July 2024) advanced global AI governance, featuring the ‘Shanghai Declaration’ which emphasizes AI safety, ethics, international cooperation, and China’s unique governance approach and initiatives.
World Artificial Intelligence Conference 2024
The World Artificial Intelligence Conference, held in July 2024 in Shanghai, was pivotal in redefining global AI governance. During this gathering, the Shanghai Declaration on Global AI Governance was presented, aimed at advancing principles from China’s Global AI Governance Initiative. This Declaration prioritizes AI safety and ethics, laying out strategies for multilateral cooperation among diverse stakeholders.
China’s commitment to AI governance is further illustrated through its position papers, which delve into specific areas such as ethical governance and military applications of AI. These documents not only present a comprehensive framework for AI regulation but also demonstrate China’s approach to merging broad governance principles with targeted policies. This integration captures both overarching and niche aspects of AI governance, particularly in relation to autonomous weapons.
In the global landscape, China seeks to balance its role as both a rule developer and solution provider in AI governance. By actively engaging in UN-led initiatives and proposing resolutions that enhance international cooperation, China aims to create a cohesive framework. Their Global AI Governance Initiative proposes tailored solutions, including a risk-level testing system and agile governance, underscoring the benefits of AI for societal advancement.
Source : China shows deep learning in shaping global AI governance
China
View from The Hill: China-Australia relations head back to room temperature, with Albanese’s November visit
Australia’s Prime Minister Anthony Albanese will visit China from November 4-7, engaging in discussions with Xi Jinping to mend relations and address trade issues, particularly wine export restrictions.
The defrost in China-Australia relations started cautiously after the change of federal government last year. It then sped up, with developments culminating in the formal announcement at the weekend of the date for the much-anticipated visit by Anthony Albanese.
The bilateral relationship is fast heading back to room temperature.
The PM will visit from November 4 to 7. He’ll have talks with President Xi Jinping and Premier Li Qiang, and he’ll also attend the China International Import Expo in Shanghai.
The last days of preparation have seen major steps. First came the release of Australian journalist Cheng Lei, detained in China for three years (but writer Yang Hengjun is still there). This was followed at the weekend by the expected breakthrough on China’s restrictions on Australian wine, which prompted Australia to commence action at the WTO in 2021.
China will review, over five months, its duties on the wine; Australia will suspend its WTO action. A statement from Albanese said that “if the duties are not removed at the end of the review, Australia will resume the dispute in the WTO. We are confident of a successful outcome.”
Breaking the impasse on wine is a big deal for producers. Before the duties, China was Australia’s largest wine export market.
The lack of access to China has been devastating for many in the industry, with exports to that country falling from $1.1 billion in 2019 to $16 million in 2022. Unlike some commodities that China hit, for which alternative markets were found, wine producers have had trouble selling elsewhere.
Overall, China is our largest trading partner, representing nearly a third of our total trade. At their height China’s trade restrictions on Australia amounted to some $20 billion. They are down to about $2 billion.
Albanese’s trip will come 50 years after then PM Gough’
Whitlam’s historic visit, which was the first by an Australian prime minister.
Whitlam told a banquet in Peking on October 31, 1973: “In China today we see a great modernising force, capable of exerting profound influence in the world. Close co-operation and association between our two peoples is both natural and beneficial.”
The Whitlam trip “laid the ground work for the diplomatic, economic and cultural ties that continue to benefit our countries today,” Albanese said on Sunday.
Over the decades the relationship has, for Australia, been enormously important economically, but at times very rocky. Albanese’s visit will be the first by an Australian prime minister since Malcolm Turnbull’s in 2016.
An already downward spiral in relations, driven by various issues, worsened dramatically when Australia led international pressure for an inquiry into the origins and early handling of COVID, which began in Wuhan.
The bilateral thaw has been considerably driven by China’s perception of its wider foreign policy interests, with last year’s change of government greatly facilitating the recalibration.
But Albanese and Foreign Minister Penny Wong have remained cautious, against the background of China-United States tensions, the Taiwan issue, China’s courting of small Pacific countries, and the speed with things can change. They are keen to say the government will disagree with China where it must and always act in Australia’s national interest.
Meanwhile Mike Burgess, head of ASIO, has called fresh attention to China’s unrelenting spying activities, last week revealing an attempt to “infiltrate a prestigious Australian research institution”.
Among the topics for discussion during Albanese’s visit will be co-operation in economic areas, climate change and people-to-people links.
Albanese will be accompanied by Trade Minister Don Farrell, who has done much of the detailed trade negotiations to unlock the restrictions.
Speaking to journalists before leaving on Sunday for his visit to the United States, Albanese said, “It is important that we stabilise our relationship with China. That is in the interests of Australia and China, and it is indeed in the interests of the world, that we have stable relations, and that is what this visit will represent.”
Asked whether he would hope Xi would visit Australia, Albanese said, “we’ll have discussions about that”, noting Xi has been here a number of times.
Albanese said that in Washington this week he would be having discussions about progressing the legislation needed under the AUKUS agreement.
He’ll also be canvassing the potential benefits for Australia from the US Inflation Reduction Act. Among its objectives, this act seeks to drive clean energy. “As we move to a clean energy global economy, Australia is in a strong position to benefit because of the critical minerals that we have,” Albanese said.
The Prime Minister will be given a state dinner. This is the ninth time he has met President Biden, formally or informally, since becoming PM.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
- Fosun in Negotiations to Sell Club Med Stake to CapitaLand of Singapore
- China Demonstrates Expertise in Influencing Global AI Governance
- View from The Hill: China-Australia relations head back to room temperature, with Albanese’s November visit
- Exploring Opportunities for Foreign Companies in China’s Emerging and High-Tech Industries
- Understanding the Causes of China’s Economic Downturn and Its Implications for Australia – The Guardian
- Geopolitical chess game: Why India has no interest in serving as a western pawn
